March 18, 2013 / 9:01 AM / in 5 years

Japan's Teijin to dissolve petchem jv with Showa Shell

TOKYO, March 18 (Reuters) - Japanese polyester fibre maker Teijin Ltd has decided to dissolve its paraxylene joint venture with Showa Shell Sekiyu KK and Mitsubishi Corp at the end of March, and then carry on the business alone, Teijin said on Monday.

The venture to make and sell paraxylene was set up in February 2008. Showa Shell, Japan’s fifth-largest oil refiner, provides it with stable supplies of mixed xylene used to make paraxylene supplied to the Teijin group.

The venture is 50.1 percent owned by Teijin, with 44.9 percent held by Showa Shell and the rest by Mitsubishi Corp.

The move would have little impact on groups earnings, Teijin said.

The announcement came on the day that Showa Shell announced it had reached basic agreement with rival TonenGeneral Sekiyu to pursue a wider tie-up in oil refining, oil supplies and distribution. (Reporting by Osamu Tsukimori; Editing by Clarence Fernandez)

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